According to the last U.S. pending homes sales report the market continues to rally as there was another increase in pending home sales during November 2011; the November 2011 U.S. pending home sales index was also well above the November 2010 index.
The U.S. pending home sales index rose by 7.3% in November 2011 compared with the October’s 2011 index, from 93.3 to 100.1. The November 2011 index was also 5.9 percent above the November 2010 index that stood back then at 94.5.
This index is a forward looking indicator and considers only the contracts signed and not closing.
This index might suggest that the U.S. house sales continue to rise and there is a slight reason for cautious optimism in the real estate markets. The recent home sales reports including the new home sales were also positive and showed improvement in the sales during November compared with previous month’s sales.
This positive news of a the sharp growth in pending home sales, might be among the factors to trade up the American stock markets and the recent recovery of major commodities prices including crude oil prices from yesterday’s falls:
Current Nymex crude oil price, short term futures (January 2012 delivery) is traded up by 0.36%, at $99.72 per barrel as of 19:48*.
Current gold price, short term futures (January 2012 delivery) is traded at $ 1,547 per t oz. a $16.7 decrease or 1.07%, as of 19:48*.
Euros to USD is currently traded up at 1.2940 a 0.0089% decrease as of 20:01*.
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